FRANKFURT (dpa-AFX) - New business in the fund industry in Germany increased noticeably in the first quarter. Overall, asset managers recorded net inflows of 21.7 billion euros in the months from January to March, as the industry association BVI announced in Frankfurt on Wednesday. In the previous quarter, the increase had only amounted to 8.5 billion.

Open-ended special funds received 9.5 billion euros in the third quarter. They once again proved to be the driver of new business. Special funds are set up for institutional investors such as insurers or pension funds.

Open-ended mutual funds collected a net amount of 3.8 billion euros. This product category is used by both retail investors and investment professionals. Open-ended funds can be traded at any time.

In the sub-categories of open-ended mutual funds, bond funds in particular saw inflows of new money, amounting to EUR 5.4 billion. Equity funds collected 2.5 billion euros in fresh investment money. Money market funds saw an inflow of 0.2 billion euros.

The largest outflows in the first quarter were recorded by mixed funds at 4.5 billion euros. These can invest in both equities and fixed-interest bonds, for example.

Significant inflows were recorded by free mandates. These received 7.2 billion euros. Independent mandates are asset management mandates that are managed outside of investment funds./jsl/la/men